Two Connecticut credit unions, Finex Credit Union and First Connecticut Credit Union (FCCU), announced a merger Thursday that will create a combined network of nearly 20,000 members with assets of more than $150 million. .
According to a joint statement from Finex ($103 million in assets, 9,137 members) of East Hartford, Conn., and FCCU ($51.7 million in assets, 11,327 members) of Wallingford, Conn., the proposed merger, if approved by state and federal. regulatory agency as well as a yes vote by FCCU members, will bring all credit unions under the Finex name.
FCCU President/CEO Susan Brown said, “Long-term growth and the ability to serve the best people is and always will be our goal. This merger will be unique in that it will expand our technology-enabled services to our membership while continuing our unique business model. is successful under the banner ‘FCCU Dealer Services’.”
If the merger is approved, Brown will become Finex’s CFO and president of the Customer Services division. According to the announcement, Brown will also oversee the credit union’s integrated staff.
Michael Palladino, president/CEO of Finex, said, “Finex’s reputation for exceptional customer service comes from our unique approach to technology, and tracking service performance across all channels. It’s our people. Because members want to use remote service options, account-free branches, secure messaging and extended hours of service, it’s possible We welcome and exceed members who change their service expectations.We are pleased to be able to offer these services to FCCU members.
If approved by the Connecticut Banking Department, representatives of NCUA and FCCU, officials expect the merger to be completed by mid-2023.